With the schools season in full swing there is no better time than the present for college students to make sure their financial life is in order. A student credit card can be an important financial tool as college students plan for their future. Of course, like all credit, student credit cards should be used responsibly. But with proper use, a credit card has many benefits for university life.
With that in mind, here are seven of the top reasons every college student should carry a card.
- Build Credit: Responsible use of a credit card can help build your credit history and credit score. It is important to begin building a credit history early, as it is one factor that goes into your credit score. This will become very important after college when you go to buy a home.
- Emergencies: Like it or not, emergencies are a part of life. A credit card can cover an emergency situation, particularly for college students attending school far from home.
- Convenience: If parents are providing some level of financial support, a credit card is a convenient way to do it. The bill can be sent back home each month and even paid online.
- 0% APR Offers: There are many great student credit cards offers that come with a 0% APR introductory rate on purchases. The Citi® Dividend Platinum Select® Card for College Students, for example, offers 0% APR introductory interest rate on purchases for 7 months. An offer like this is ideal for a large purchase that might require some additional time to pay off.
- Teach Responsibility: Use of a credit card can teach you how to be responsible with credit and their money. Particularly if monitored by parents, a credit card is often the first major financial responsibility for young adults.
- Discount on Gas: With the price of gas skyrocketing, any discounts on gas are particularly valuable to college students.
- Shop Online: While there are alternatives to using a credit card, they offer the easiest way to shop online. And shopping online is important because it is convenient and a great way to save money.